macroafricaintel Daily Brief | 25 Aug

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets

  • Asian stocks mostly higher as trade, virus treatment hopes lift mood
  • MSCI AxJ gains 0.32%, close to 2-yr peak
  • Nikkei +1%, ASX 200 +0.7%
  • Positive signs from US & China trade talks
  • Brent firms in early Asian trade at $45.21
  • Stronger dollar holds gold at $1,933/oz.

Oil Markets

  • Oil prices mixed on storm-driven output cuts, rising Covid-19 cases
  • Twin storms force deep US production cuts
  • Brent up 0.1% at $45.18 a barel (0055GMT)
  • WTI up 0.2% at $42.53

Precious metals

  • Gold ticks higher as dollar slips; focus turns to Powell’s speech
  • Spot gold up 0.2% at $1,935.88/oz. (0335GMT)
  • US gold futures up 0.1% at $1,941.60/oz.

Grains

  • Corn at 6-wk high on US-China trade talks, crop condition
  • Decline in US crop ratings support underpins CBOT futures
  • Corn futures up 1.5% at $3.50 a bushel (0312GMT)
  • Soybeans up 1.1% at $9.15-1/2 a bushel
  • Wheat up 0.4% at $5.29-3/4 a bushel

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]

  • AfDB 2020 annual meetings; 25-27 Aug [Adesina expected to be re-elected chief]
  • WHO Africa regional committee holds 70th session
  • Kenya’s Kenyatta cabinet reshuffle in focus ahead of Friday when ordered recess ends
  • South Africa state capture inquiry continues
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today

  • Japan’s Nagashiki says has scuttled part of Mauritius oil-spill ship
  • Tunisia prime minister designate announces a technocratic govt
  • At least 15 dead as rebels attack southern Burundi
  • Algeria to hold referendum on constitution on Nov. 1
  • Mali talks end with no decision on transitional govt
  • Ivory Coast’s Ouattara applies to run for third term amid protests
  • Mali junta says decision on transitional govt to be decided “by Malians”
  • South Africa’s Absa shares up as investors look past profit plunge
  • Ivory Coast weather helps main cocoa crop, outlook good – farmers
  • Congo grants new export ban waivers for copper, cobalt, tin
  • Zimbabwe court denies bail to journalist over anti-govt protests
  • West Africa’s BCEAO cbank reopens in Mali for first time since coup
  • Nigeria’s economy shrinks 6% in second quarter on oil crash, pandemic double whammy
  • South Africa’s Ramaphosa reprimands finance minister over tweets on Zambia
  • South Africa’s Aspen in deal talks about European commercial unit’s segment

N.B. Full stories of above headlines are available on Reuters

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